Schumpeterian model: Difference between revisions
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The Schumpeterian model is a model of [[long-run economic growth model]]. | The Schumpeterian model is a model of [[long-run economic growth model]]. | ||
Called Schumpeterian growth theory or Schumpeterian growth paradigm, it is one of the two branches of [[innovation-based theory]] (the other being [[product-variety model]]). The Schumpeterian growth theory was developed by French economist [[w:Philippe Aghion|Philippe Aghion]] and Peter Howitt (1992). it grew out of modern industrial organization theory. It focuses on quality-improving innovations that render old products obsolete and hence involves the force that Austrian-American economist Joseph Schumpeter called creative destruction.<ref>{{cite book|last1=Aghion|first1=Philippe|last2=Howitt|first2=Peter W.|title=The Economics of Growth|url=https://books.google.com.ar/books?id=B9vxCwAAQBAJ&pg=PA69&lpg=PA69&dq=%22Product-variety+model%22&source=bl&ots=9p-pGKlJ5J&sig=o2Nun5kFVLmW6zj1qzLXgw00PJ8&hl=en&sa=X&ved=0ahUKEwjss6H2kvTaAhVDvJAKHUP_CrI4ChDoAQg1MAI#v=onepage&q=%22Product-variety%20model%22&f=false}}</ref> The SM models growth as resulting from innovations involving [[creative destruction]].<ref>{{cite web|title=The Schumpeterian Growth Paradigm|url=https://www.annualreviews.org/doi/abs/10.1146/annurev-economics-080614-115412|website=annualreviews.org|accessdate=7 May 2018}}</ref> | |||
== Structure == | |||
The Schumpeterian growth theory is underlined by three main assumptions: | |||
* Growth is primarily driven by technological innovations. | |||
* Innovations are produced by entrepreneurs who seek monopoly rents from them. | |||
* New technologies drive out old technologies.<ref>{{cite web|title=The Schumpeterian Framework|url=http://faculty.cas.usf.edu/jkwilde/macro208/ah2-schumpeterian.pdf|website=faculty.cas.usf.edu|accessdate=7 May 2018}}</ref> | |||
== See also == | |||
== References == | |||
==See also== | ==See also== | ||
Revision as of 19:51, 7 May 2018
The Schumpeterian model is a model of long-run economic growth model.
Called Schumpeterian growth theory or Schumpeterian growth paradigm, it is one of the two branches of innovation-based theory (the other being product-variety model). The Schumpeterian growth theory was developed by French economist Philippe Aghion and Peter Howitt (1992). it grew out of modern industrial organization theory. It focuses on quality-improving innovations that render old products obsolete and hence involves the force that Austrian-American economist Joseph Schumpeter called creative destruction.[1] The SM models growth as resulting from innovations involving creative destruction.[2]
Structure
The Schumpeterian growth theory is underlined by three main assumptions:
- Growth is primarily driven by technological innovations.
- Innovations are produced by entrepreneurs who seek monopoly rents from them.
- New technologies drive out old technologies.[3]
See also
References
See also
External links
References
- ↑ Template:Cite book
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